DFM Technical OverviewPosted on Wednesday, January 24 2018 at 5:46 am GMT+0000
First signs of support.
Having in mind the given neutral outlook, long term positions remain on hold at present time while waiting for stronger trending characteristics to appear on the weekly charts. Downside pressure has eased and the medium-term bias shifted to neutral also. The short-term outlook has improved since the rebound off 1.08 took place. And the share seems to have a good impetus to breach the resistance at the 1.17. A successful break of this barrier would open the way towards the key 1.20 handle and then target 1.25. Rising above this critical level would confirm the shift to a medium term bullish trend. If prices failed to rise from current levels and dropped back below 1.13, scope for a move towards 1.08 will be increased. Below this, the market is at risk of changing the medium-term neutral trend to a more bearish one.